AT&T Inc said Wednesday that it will sell Vrio Corp, its business unit of DirecTV in Latin America, to the Werthein Group, which is headquartered in Argentina, after having assumed an impairment accounting charge of $ 4.6 billion.
The telecom operator said that it booked the asset impairment charge in the second quarter of 2021, as it had classified as Vrio as “for sale”.
The company did not disclose the value of the operation for which it will sell Vrio al Werthein Group. It is planned that AT&T present your second quarter results on Thursday.
The deal closes amid stiff competition for cable TV service providers as the industry struggles with the cancellation of customer accounts and the move to streaming video services such as Netflix Inc Y Disney + from Walt Disney Co.
What’s more, AT&T You’ve been trying to ditch your debt-laden acquisitions and lighten your balance sheet.
The operation of Vrio Corp closes in early 2022. AT & T’s 41.3% stake in Sky Mexico is not part of the deal, the company said Wednesday.